TL;DR

• Tether Holdings SA and Antalpha Platform Holding are reportedly raising at least $200 million for a new public vehicle that will accumulate tokenized gold (XAUt).
• The move, first reported by Bloomberg, could strengthen ties between Tether, Antalpha, and Bitmain Technologies, the world's largest Bitcoin mining hardware supplier.
• Tether Gold (XAUt) - a token backed by physical gold - has doubled its market cap this year to $1.5 billion, per CoinGecko.
• Antalpha will expand XAUt access through collateralized lending and physical gold vaults worldwide.
• As global gold prices reach record highs, Tether is positioning XAUt as the digital era's safest form of gold liquidity.

Tether Holdings SA and Antalpha Platform Holding are reportedly in advanced discussions to raise at least $200 million for a public investment vehicle dedicated to accumulating tokenized gold, according to Bloomberg's October 3 report.  

The initiative aims to expand exposure to XAUt, Tether's gold-backed token, while creating a digital-asset treasury company that bridges traditional commodities and crypto-native infrastructure. If successful, the vehicle would use the raised capital to stockpile XAUt as a long-term reserve, solidifying Tether's growing footprint in real-world asset (RWA) tokenization.

The project further deepens ties between Tether, the issuer of USDT, and Antalpha, a financial services firm closely affiliated with Bitmain Technologies Ltd., the Beijing-based crypto mining hardware giant that reportedly controls over 80% of the global mining market.  

Cohen & Co. has been named as the lead advisor on the deal, according to Bloomberg.

A Strengthening Alliance with Bitmain

Antalpha's close ties with Bitmain suggest that the new vehicle could eventually serve as a bridge between tokenized assets and the mining industry's treasury operations. Tether and Bitmain have long shared overlapping ecosystems - Tether provides stablecoin liquidity for miners, while Bitmain continues to dominate the hardware supply chain.

Earlier this year, Tether acquired an 8.1% stake in Antalpha, signaling a deepening financial and strategic partnership. With this new capital raise, the three firms appear to be converging around a shared goal: integrating gold as a programmable, blockchain-based asset for institutional and industrial-scale holders.

XAUt: The Digital Face of Gold

Launched in 2020, Tether Gold (XAUt) represents one troy ounce of physical gold stored in secure Swiss vaults. Each token can be redeemed for real gold, providing investors with onchain access to a historically stable asset. XAUt's market capitalization has doubled in 2025, reaching $1.5 billion, according to CoinGecko. That growth mirrors surging global gold demand, which Bloomberg data shows is up 46% year-to-date, driven by geopolitical uncertainty and inflation fears.

As traditional markets wobble, tokenized gold has become a preferred choice for institutions seeking a hedge against volatility without leaving the blockchain ecosystem.
Tether CEO Paolo Ardoino summarized this shift in a post on X: https://x.com/paoloardoino/status/1972624887136256057?t=Y-aL3UYsYT8CqtmomDpuUA&s=19 

> "Gold price is breaking all-time highs almost every single day as the world's future stability remains uncertain. Tether Gold, XAUt, is the best way to move, hold, and trade gold."

Antalpha Expands Tether Gold Access

On September 29, Antalpha announced an expanded partnership with Tether to enhance accessibility to XAUt. The firm will introduce collateralized lending, allowing users to borrow against their tokenized gold holdings.

Additionally, Antalpha plans to establish physical vaults in major financial centers worldwide - an effort to bridge onchain assets with tangible backing. Holders of XAUt will be able to redeem their tokens for real gold bars, offering a hybrid experience between digital and physical asset ownership. This strategy fits neatly within Antalpha's broader focus on real-world asset tokenization, particularly in emerging markets, where access to traditional gold custody and trading is often limited.

Why Tokenized Gold Matters Now

Tokenized gold represents a growing segment of the real-world asset (RWA) market, which has ballooned to over $10 billion in total value locked in 2025, according to DeFiLlama data.

The concept combines the stability of physical commodities with the efficiency of blockchain settlement. Unlike traditional gold ETFs, XAUt offers instant settlement, fractional ownership, and 24/7 liquidity. Analysts believe this hybrid approach could redefine how institutional investors hold safe-haven assets. By enabling programmable gold transfers and DeFi-based lending, Tether's model challenges the boundaries of traditional commodity investment.

The Bigger Picture

Global financial anxiety has driven investors toward real assets, and tokenized commodities like XAUt are emerging as the next frontier.

By pairing gold's intrinsic value with blockchain's transparency, Tether and Antalpha are attempting to create a new class of digital reserves - assets that can store value privately, trade globally, and operate without centralized intermediaries. The partnership's timing is no coincidence. With the GENIUS Act in the U.S. formalizing standards for digital asset issuance earlier this year, regulatory clarity is improving, giving companies like Tether more room to experiment with asset-backed innovation.

Outlook

If the capital raise succeeds, the public vehicle could mark a turning point for tokenized commodities. It would not only bolster Tether's growing gold reserves but also demonstrate how blockchain infrastructure can modernize the world's oldest store of value.

As Paolo Ardoino hinted, XAUt is a blueprint for the future of gold: liquid, programmable, and borderless.